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Senate committee fast-passes bill to extend state property-insurance authority through 2030
Summary
A Kentucky Senate committee voted to fast-pass House Bill 524, extending the Finance and Administration Cabinet's authority over the state's self-insurance fund for state buildings through July 1, 2030, and renaming the fund to better reflect its scope.
A Senate committee voted to fast-pass House Bill 524, extending the Finance and Administration Cabinet's authority to operate the state's self-insurance fund for state-owned buildings and contents through July 1, 2030, and renaming the fund.
State Representative Aaron Thompson presented the bill to the committee, saying the existing provisions that authorize the self-insurance fund "are set to expire on July first of this year" and that the bill "just continues to give the cabinet ... the authority to continue to do what they're doing through July of 20 30." Thompson also told the committee the measure updates the fund's name from the State Fire and Tornado Insurance Fund to the Commonwealth's Property and Casualty Insurance Fund, which he said better reflects the "7,100 plus buildings and contents" insured by the fund.
Joe McDaniel, identified in the meeting as state controller with the Finance and Administration Cabinet, and Sherry Wisman, identified as director at State Risk, were present for the presentation. Thompson said the bill "doesn't make any other changes beyond extending that authority and, again, updating the name to make it more reflective of the work that the finance cabinet is doing in this area."
A motion to advance the bill was made and a roll call followed. The roll-call sequence recorded senators voting "Aye," and Chair Carpenter announced, "The bill does fast pass with favorable expression." Because the committee recorded "no consent" on final passage in committee, members said the bill will be taken up on the chamber floor.
The committee's action preserves the cabinet's current self-insurance arrangement for state property and formally changes the fund's name; the bill does not, according to Thompson's presentation, change other policy or coverage terms. The committee held a single-item meeting and completed consideration of the bill by roll call vote.
Next steps: The bill will proceed to the full chamber for floor consideration, where sponsors or their floor managers will present it for further action.
